Selling the Retrace Up in EUR/GBP Once Again

EUR/GBP has retraced higher today, but it's finding resistance at the 50 SMA again

Written by: Skerdian Meta • Friday, March 19, 2021 • 1 min read

• Last updated: Friday, March 19, 2021

Let's see if EUR/GBP will turn bearish at the 50 SMA

If you have noticed in recent weeks, we have held a short bias for EUR/GBP , selling it during retrace higher. We have opened quite a few sell signals in this pair, most of which have closed in profit, apart from the earlier this week, when the price pierced above the 100 SMA (green) on the H4 chart for a while.

Although, that signal would have closed in profit, had we placed a larger stop loss, because the price reversed back down, making new lows. Moving averages have been doing a great job as resistance, particularly the 50 SMA (yellow) and the 100 SMA (green).

Today we saw another retrace higher, which took the price around 50 pips higher, but buyers are finding resistance at the 50 SMA once again on this chart. So, we decided to take another shot at this pair, opening a sell signal at the 50 SMA, now waiting for the reversal down and the bearish trend to resume.

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ABOUT THE AUTHOR See More

Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.